ECONOMIC
PART – A
I. Choose the most suitable answer from the given four alternatives and
write the option code and the corresponding answer: 10 x 1 = 10
1. The country following capitalism is
a) Russia b) America c) India d) China
2. When was the general theory written?
a) 1933 b) 1936 c) 1930 d) 2002
3. Identify the father of Socialism
a) J.M.Keynes b) Karl Marx c) Adam Smith d) Samuelson
4. Who Coined the Word Macro?
a) Adam Smith b) J.M.Keynes c) Ragnar Frisch d) Karl Marx
5. Macro Economics is a Study of
a) Individuals b) Firms c) A nation d) Aggregates
6. Laissez faire is a _______word
a) Latin b) Greek c) English d) Spanish
7. Identify a Socialist Economy
a) Russia b) USA c) England d) Brazil
8. Give an example for progressive taxation
a) Income tax b) Sales tax c) GST d) Duty
9. The haves and have notes are found in __________
a) Socialism b) Capitalism c) Mixedism d) Globalism
10. Identify a major economic activity
a) Transportation b) Banking c) Planning d) All the above
Answers
Answer:
State capitalism is an economic system in which the state undertakes business and commercial economic activity (i.e. for-profit) and where the means of production are organized and managed as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor), or where there is otherwise a dominance of corporatized government agencies (agencies organized along business-management practices) or of public companies such as publicly listed corporations in which the state has controlling shares.[1] Marxist literature defines state capitalism as a social system combining capitalism with ownership or control by a state. By this definition, a state capitalist country is one where the government controls the economy and essentially acts like a single huge corporation, extracting the surplus value from the workforce in order to invest it in further production.[2] This designation applies regardless of the political aims of the state (even if the state is nominally socialist).[3] Many scholars argue that the economy of the Soviet Union and of the Eastern Bloc countries modeled after it, including Maoist China, were state capitalist systems. They also argue that the current economy of China constitutes a form of state capitalism
Answer:
1)(b) America
2)(b) 1936
3)(b) Karl Marx
4)(c) Ragnar Frisch
5)(d) aggregates
6)(a) Latin
7)(a) Russia
8)(a) income tax
9)(d) globalism
10)(d) all of the above
I'm not sure about the last two answers but i know that the others are correct